PRESIDENT'S MESSAGE

2019 Presidents Meeting

With the 2019 Presidents Meeting coming up in Dubai in September, the World Federation of Diamond Bourses held an Executive Committee Meeting at the Israel Diamond Exchange on Monday to prepare topics for further discussion.

With the 2019 Presidents Meeting coming up in Dubai in September, the World Federation of Diamond Bourses held an Executive Committee Meeting at the Israel Diamond Exchange on Monday to prepare topics for further discussion.

We debated a wide variety of subjects vital to the industry, as well as moves to further raise the international standing of the WFDB. The Executive Committee also discussed the important subjects of synthetic diamonds and the state of the diamond trade globally.

Among the other issues discussed was the World Diamond Council's (WDC) proposed System of Warranties, with a report by London Diamond Bourse President Alan Cohen, and a new WFDB social media campaign being run by Rami Baron, President of the Diamond Dealers Club of Australia.

In an important move, members of the Executive Committee approved a plan to appoint an External Advisor to make recommendations on elevating the global presence of the WFDB. Former Dubai Diamond Exchange Chairman Peter Meeus has been charged with compiling recommendations to the Presidents Meeting to be held in Dubai from September 24-25.

World diamond congresses were once known for being opened and graced by kings and queens and senior government officials due to the importance of the WFDB in the diamond trade. We want to find a route to return the importance of the WFDB, and Peter Meeus will carry out an initial study on how we do this. The WFDB is the only global body with the power to truly discipline members, institute arbitration measures, ensure diamonds are traded ethically and also represents the entire midstream part of the diamond pipeline. Our role is critical, and Peter will map a path for how we return to that path.

In such challenging times for the global diamond trade, it was vital to hear the views of Executive Committee colleagues from across the world ahead of the Presidents Meeting in Dubai in September. We will receive updates at that meeting on the issues raised here and also be voting on a number of important topics.

WFDB Bourses

A bourse whose members deal in diamonds, precious stones or jewellery is entitled to apply for membership of the WFDB provided they have been established for at least one full year under a written constitution, have a clearly designated and representative governing body, and are able to prove their means of subsistence.

Members of the bourses affiliated to the World Federation of Diamond Bourses pledge themselves to uphold the traditions, principles of mutual trust, consideration and friendship which prevail among the members of the bourses world-wide.